Vince McMahon unanimously elected Executive Chairman of the ...

By Jason Powell, ProWrestling.net Editor (@prowrestlingnet)

WWE issued the following press release on Tuesday to announce that Vince McMahon has been unanimously elected Executive Chairman of the Board and Nick Khan has been named CEO.

STAMFORD, Conn.–(BUSINESS WIRE)– WWE (NYSE: WWE) today announced that its Board of Directors unanimously elected Vince McMahon Executive Chairman of the Board.

Stephanie McMahon has resigned from her roles as Chairwoman and Co-CEO.

Nick Khan will serve as WWE CEO.

Vince McMahon:“First, I’d like to express my full support for Stephanie’s personal decision. I’ll forever be grateful that she offered to step in during my absence and I’m truly proud of the job she did co-leading WWE. Stephanie has always been the ultimate ambassador for our company, and her decades of contributions have left an immeasurable impact on our brand.

“I’m proud to announce that Nick Khan will serve as WWE CEO. Nick’s business acumen and mastery of the media industry have helped catapult our business to record revenue and profitability. Together, we look forward to working with the Board at this critical moment in time to review our strategic alternatives and maximize value for all WWE shareholders.”

Stephanie McMahon:“I cannot put into words how proud I am to have helped lead what I consider to be the greatest company in the world and I am confident WWE is in the perfect position to continue to provide unparalleled creative content and drive maximum value for shareholders.”

Nick Khan:“Stephanie McMahon is a terrific executive and an even better person. It has been an honor to serve as Co-CEO with her. She will only continue to succeed.

“I’m grateful to Vince McMahon and our Board of Directors for their ongoing support. I look forward to continuing to work closely with them and my WWE colleagues to ensure our company may thrive as the premiere powerhouse in sports entertainment for years to come.”

Powell’s POV: How quickly things change. The previous version of the board determined that McMahon coming back would not be in the best interests of the shareholders. It’s a new board now with two resignations combined with Vince, George Barrios, and Michelle Wilson replacing three previous board members.